Buying Long-distance Property

Podcast Episode 59:
Travel and Tenants.”

Managing properties when they are far from where someone lives can be tricky. Use this fact to help you find motivated sellers. Beware that pre-possession inspections require custom clauses and you can’t just kick existing tenants out if they are a problem. When finding replacement tenants, know the difference between rent deposits and security deposits.

Download the audio file HERE and the text/handout HERE.
(control click or right click + save as).

Continue reading

Multifamily Location Is Key

Podcast Episode 58:
You Are Buying the Neighbourhood.”

When buying a property, you are buying the neighbourhood and neighbourhoods are not homogenous. Do some diligence around schools opening or closing, new public transit soon or in the works, and rezoning. Check parking lots and dumpsters where you intend to buy; these will give you an informal tenant profile. Any environmental considerations?

Download the audio file HERE and the text/handout HERE.
(control click or right click + save as). Continue reading

Inspecting a Multifamily Property

Podcast Episode 57:
All the Suites Look Just Like this One.”

When buying a multifamily building, inspect all the suites. Your vision of what is satisfactory and the vision of a seller anxious to sell are likely to be completely different. Failure to inspect meant substantial extra expense after closing for this investor.

Download the audio file HERE and the text/handout HERE.
(control click or right click + save as). Continue reading

Multifamily – Mortgages and Unrented Suites

Podcast Episode 56:
You’ve Got How Many Vacancies?”

This is the story of one investor’s path from single-family dwellings to multifamily properties. Multifamily lenders fund mortgages based on rental revenue. On closing day, every vacancy reduces the amount of mortgage money. What does it mean when two vacancies turn into eighteen vacancies on closing date?

Download the audio file HERE and the text/handout HERE.
(control click or right click + save as). Continue reading

Condo Diligence

Podcast Episode 41:
Rubik’s Cube Condo: An Investor’s Near-Miss.

Purchasing a condominium unit as an investment can be tricky business because of the many other parties you need to deal with. There are also laws surrounding condos that you need to take into account. As always, due diligence is the key to avoiding a bad deal. This Tale looks at a condo that seemed fine, but turned up a puzzling array of problems upon closer inspection.

Download the audio file HERE and the text/handout HERE.
(control click or right click + save as). Continue reading

Zoning Bylaws

Podcast Episode 39:
Fourplex Diligence.

A ‘fourplex’ is not a legal term, and so we’ve done some digging through bylaws to show how this idea is actually expressed in the law. Many duplexes have illegal basement suites, and so you need to do your diligence before purchasing a so-called fourplex. Always confirm that the zoning allows it and that all building/development permits are correct.

Download the audio file HERE and the text/handout HERE.
(control click or right click + save as). Continue reading

Condominium Parking

Podcast Episode 32: “Condominium Parking.”

Explains how condominium parking works. Do you have title to your parking unit, exclusive use of that parking unit or is it simply your assigned space? Perhaps it is a combination of all three.

Download the audio file HERE and the text/handout HERE
(control click or right click + save as). Continue reading

Condo Reserve Fund Studies

In honour of the 30th episode of the Tales from the Trenches podcast, Investor Lawyer has been renovated for a brighter and cleaner look!

Podcast Episode 30:  Condo Reserve Fund Studies

Condominiums /strata corporations exist Canada wide. They are complicated in all aspects and especially on the financial planning side. It is essential to examine the reserve fund study/reserve fund plan (different provinces have different wording) to ensure that a qualified professional has done the math costing out what financial contributions are required to replace building components (windows, siding, shingles). Then look to see if the condominium corporation actually has the money in the bank!

Download the audio file HERE and the text/handout HERE
(control click or right click + save as) Continue reading

Fourplex Puzzle (Part Two)

Podcast Episode 24:  “Fourplex Puzzle (Part Two).”

When buying a fourplex or any property with more than one dwelling, you must do at least two things. Number one, check to see that the zoning allows the number of suites. And, number two confirm that the proper permits have been issued and final inspections done. A real property report (RPR) (survey) with the proper zoning stamp is not enough. Checking permits, whose job is this?

Download the audio file (Mac control + click + “save as” / PC right click + “save as”) HERE.

The full-text version of this Tale from the Trenches can be found HERE.

Contact Barry McGuire now. Alberta real estate needs an Alberta lawyer.

Fourplex Puzzle (Part Two Handout)

Text Notes for Podcast Episode 24: “Fourplex Puzzle (Part Two).”

When buying a fourplex or any property with more than one dwelling, you must do at least two things. Number one, check to see that the zoning allows the number of suites. And, number two confirm that the proper permits have been issued and final inspections done. A real property report (RPR) (survey) with the proper zoning stamp is not enough. Checking permits, whose job is this?

Download the handout (Mac control + click + “save as” / PC right click + “save as”) HERE. Continue reading